Top 3 Price Analysis - BTC, ETH, XRP Remain Within Technical Patterns This Week But Will They Head Lower Or Rebound Higher?

Key Highlights:

Bitcoin dropped by a small 4% this week as it falls into the $9,061 support.

Ethereum increased by a small 2% this week after rebounding from the rising trend line.

XRP pretty much moved sideways as it continues to battle the $0.20 level.

With the Bitcoin block halving in the distance behind us, let us take a look into the top 3 coins and see where they might be heading.

Bitcoin Coin Price Analysis

What has been going on?

Analyzing the daily chart for Bitcoin above, we can see that the cryptocurrency was struggling to break above the resistance at the bearish .886 Fib Retracement, priced at $9,783, throughout the entire period this week.

The coin rolled over from here on Wednesday as it started to head lower. It found support at the $9,280 level but went on to break beneath this on Thursday as it dropped further lower into the $9,061 support, provided by a .236 Fibonacci Retracement.

We can see that the buyers are battling to keep BTC above this support as they try to push higher today by reaching $9,173.

BTC price short term prediction: Bullish

Bitcoin will remain bullish until it breaks beneath the rising trend line that is in play. If it breaks beneath this trend line then the market will be considered as neutral. The coin would have to drop beneath $7,500 before being in danger of turning bearish.

If the sellers do push beneath the current support at $9,061 and break beneath $9,000, the first level of support is expected at the rising trend line. This is followed by support at $8,448 (.382 Fib Retracement), $8,200 (100-day and 200-day EMA confluence), and $7,950 (.5 Fib Retracement).

Additional support can be found at $7,460 (.618 Fib Retracement), $7,200, and $7,000.

Where is the resistance toward the upside?

On the other hand, if the buyers continue to rebound higher from $9,173, the first level of resistance is located at $9,280. This is followed by added resistance at $9,500, $9,783 (bearish .886 Fib Retracement), and $10,000.

What are the technical indicators showing?

The RSI has dipped beneath the 50 line to show that the bears are in charge of the market momentum. If the RSI continues to drop further lower, the selling momentum will increase and likely push BTC beneath $9,000.

Ethereum Coin Price Analysis

What has been going on?

Ethereum bounced from the $195 level at the start of the week and pushed higher into the resistance at $215. ETH has been unable to break the $215 resistance for the entire period of May 2020 and rolled over from here again on Wednesday.

After rolling over, ETH dropped lower to find support at the rising support trend line and managed to rebound from here to push back above $200.

ETH price short term prediction: Bullish

ETH remains bullish in the short term, but a break beneath the rising trend line would turn ETH neutral. It would need to continue to drop beneath $160 to be in danger of turning bearish again.

IF the sellers do push beneath the trend line, support is firstly located at $195 (.236 Fib Retracement). Beneath this, strong support lies at $182 (100-day EMA and 200-day EMA confluence). This is followed with added support at $175 (.382 Fib Retracement), $158 (.5 Fib Retracement), and $150.

Where is the resistance toward the upside?

On the other hand, if the buyers push higher, the first level of resistance lies at $215. This is closely followed with resistance at $218 (bearish .786 Fib Retracement), $225, and $235 (bearish .886 Fib Retracement).

Above this, resistance lies at $240, $250, and $268.

What are the technical indicators showing?

The RSI is trading at the 50 line to indicate indecision within the market. It must continue above 50 for the buyers to regain control of the market momentum.

Ripple Coin Price Analysis

What has been going on?

Analyzing the daily chart for Ripple, we can see that the coin was struggling to break the resistance at the 100-day EMA for the past 2-weeks. Each time the coin tried to break above this resistance it failed to do so and was sent lower.

XRP dropped from this resistance on Wednesday which caused the coin to drop lower. Luckily, it found support at the $0.192 level which is provided by the .382 Fib Retracement and it rebounded from here today to reclaim the $0.2 level.

XRP price short term prediction: Bullish

XRP still remains bullish in the short term but a close beneath the $0.192 level would turn the market neutral. It would have to drop beneath $0.16 to turn bearish again.

If the sellers do push beneath $0.192, support can be expected at $0.18. Beneath this, support lies at $0.174 (.5 Fib Retracement), $0.16, and $0.157 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other hand, the first level of resistance lies at the 100-day EMA. Above this, resistance is located at $0.218, $0.225 (bearish .5 Fib Retracement & 200-day EMA)< $0.234, and $0.24.

Above this, resistance lies at $0.254 (bearish .618 Fib Retracement).

What are the technical indicators showing?

The RSI has reapproached the 50 line to indicate indecision within the market. For a push above the 100-day EMA, the RSI must climb above 50 to allow the bulls to gain control of the market momentum.